The $12 million Steel Mill and Railway Project will finance the purchase of equipment for the Luxembourg steel industry and rolling stock for its railways.
By 1947, the Luxembourg government, having exhausted its restricted means of raising money domestically and being unable to borrow abroad to cover its extraordinary budgetary deficit, is taking over certain external assets reserved for modernization of its steel industry. The $12 million Steel Mill and Railway Project will finance the purchase of equipment for the Luxembourg steel industry and rolling stock for its railways. It is designed to increase national production and export potential. The equivalent of nearly $1 million USD will be disbursed in Belgian francs, making this the Bank's first use of non-dollar capital in its lending operations.
The profile contains project and financial information and lists of project documents and archival records.
March 25, 1947
This document prepared by Bank staff provides a timeline of events related to the Luxembourg loan application (1872255).
Nov. 3, 1946
Pierre Dupong, President of the Luxembourg Government and Minister of Finance, writes to President Meyer to confirm his government's intention to request Bank assistance (1872255).
The report provides the justification, appraisal, and recommendation for the loan.
The report includes the loan application, history and structure of the Luxembourg economy, and the country's post-war rehabilitation program.
Document contains Board discussion concerning the Luxembourg loan.